Emirates NBD Strengthens GCC Debt Capital Markets with Landmark USD 750 Million AT1 Issuance
Dubai, UAE – Emirates NBD, a prominent banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has successfully priced a USD 750 million Additional Tier 1 (AT1) capital issuance. This marks the first debt capital market issuance from a Gulf Cooperation Council (GCC) issuer since late February 2026. The issuance follows a previous USD 750 million issuance earlier this month, showcasing the bank’s adept capital management and the strong global confidence in the UAE and the broader GCC financial landscape.
Strong Investor Demand Amid Market Uncertainty
The AT1 issuance represents the first public debt capital markets issuance in the GCC amidst recent market volatility. The robust demand for this issuance highlights the depth of investor confidence in Emirates NBD’s credit fundamentals, capital position, and long-term strategy, as well as the resilience of the UAE and GCC financial markets.
The issuance attracted significant and diverse interest from a wide range of global institutional investors, with notable participation from Asia, Europe, the United Kingdom, and the Middle East. The transaction was substantially oversubscribed, with demand exceeding three times the issued amount, reflecting a sustained appetite for high-quality regional issuers despite ongoing market fluctuations.
Competitive Pricing Reflects Market Confidence
The strong interest from investors enabled Emirates NBD to price the transaction comfortably within guidance, achieving a tightening of approximately 50 basis points, resulting in a final coupon of 6.25%. This outcome underscores the strength of the Emirates NBD franchise, the effectiveness of its execution strategy, and the continued investor confidence in the UAE’s credit narrative.
The successful execution of this transaction is a significant milestone for regional capital markets, signaling a clear reopening of market access and renewed investor risk appetite following a period of uncertainty. It reinforces Emirates NBD’s status as a benchmark issuer and highlights its capability to access international capital markets under varying conditions.
Leadership Statements on Market Impact
Ahmed Al Qassim, Group Head of Wholesale Banking at Emirates NBD, emphasized that this landmark issuance reflects strong global confidence in the bank’s credit fundamentals and the resilience of its franchise. He noted that the depth and quality of investor demand allowed for competitive pricing, despite a dynamic market backdrop. Al Qassim also highlighted the transaction’s role in reopening regional capital markets, reinforcing momentum and investor faith in leading UAE institutions.
Ammar Al Haj, Group Treasurer and Head of Global Markets at Emirates NBD, expressed satisfaction with the outcome of the AT1 issuance. He stated that the strong investor response demonstrates a sustained appetite for high-quality UAE issuers and underscores Emirates NBD’s consistent access to global liquidity pools. Al Haj remarked that this successful return to the market has helped restore confidence in the UAE capital markets at a crucial time, providing a positive signal to investors following recent geopolitical uncertainties.
Collaborative Execution with Leading Financial Institutions
The transaction was executed with the support of a broad syndicate of leading regional and international banks, reflecting deep institutional engagement and confidence in the issuer. Joint Lead Managers and Bookrunners for the transaction included Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and J.P. Morgan.
Legal counsel for the issuance was provided by Clifford Chance as Issuer Counsel and Linklaters as Dealer Counsel. The capital securities will be listed on Euronext Dublin and Nasdaq Dubai, featuring a six-year non-call period.
Strategic Capital Optimization
This issuance is part of Emirates NBD’s broader capital optimization strategy, following a series of successful funding and capital market transactions that have solidified the bank’s position as a leading and innovative issuer in the region.
About Emirates NBD
Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT region, with operations in 13 countries and serving over 10 million active customers. As of March 31, 2026, the bank reported total assets of AED 1.2 trillion (approximately USD 327 billion). The group operates in the UAE, Egypt, India, Türkiye, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain, with representative offices in China and Indonesia, totaling 790 branches and 4,536 ATMs/SDMs. Emirates NBD is the leading financial services brand in the UAE, with a brand value of USD 4.54 billion.
The Emirates NBD Group provides a wide range of banking products and services, including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets, and treasury operations. The group is a key player in the global digital banking industry, with 97% of all financial transactions and requests conducted outside of its branches. Additionally, the group operates Liv, a lifestyle digital bank, which has nearly half a million users and continues to be the fastest-growing bank in the region.
Emirates NBD has demonstrated leadership in sustainability by becoming the first bank globally to publish an IFRS S1 and S2-aligned report, along with assurance of financed emissions. The bank also issued the world’s first Sustainability-Linked Financing Sukuk by Emirates Islamic, amounting to USD 500 million and fully aligned with ICMA guidelines. Furthermore, Emirates NBD supports communities through its pioneering volunteer program, which celebrated its tenth anniversary in 2025, contributing over 160,000 hours to social causes for more than 1.1 million beneficiaries.
Source: www.zawya.com
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Published on 2026-04-29 17:45:00 • By the Editorial Desk
